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for other cases, the maximum limit is 5% of the subfund's net assets. The
aggregate value in the subfund's net assets of securities and money-market
instruments of issuers where the subfund has invested more than 5% of its net
assets in securities and money-market instruments of the same issuer may not
exceed 40% of the subfund's net assets. This restriction does not apply to
deposits and to transactions with OTC derivatives that are effected with financial
institutions that are subject to official supervision.
Irrespective of the individual investment limits cited above, a subfund may
invest a maximum of 20% of its net assets with one and the same institution in a
combination consisting of:
securities or money-market instruments issued by that institution,
deposits with that institution and/or
enter into risks in OTC derivatives that exist with reference to the institution.
b) If the purchased securities or money-market instruments are issued or
guaranteed by a member state of the EU or its central, regional or local
authorities, a third country, or by international organisations under public law to
which one or more member states of the EU belong, the restriction under no. 3.
a) sentence 1 is increased from 10% to 35% of the subfund's net assets.
c) In the case of bonds issued by financial institutions domiciled in an EU Member
State, where the respective issuers are subject to a special official supervision
due to statutory provisions protecting bondholders, the restrictions under no. 3.
a) sentence 1 and 4 are increased from 10% to 25% and 40% to 80%,
respectively, provided that these financial institutions invest the issuing
proceeds, pursuant to the respective statutory provisions, in assets which
sufficiently cover the liabilities from bonds for their whole term to maturity, and
which, as a matter of priority, are intended for capital and interest repayments
becoming due on the issuer's default.
d) The securities and money-market instruments cited under no. 3. b) and c) will
not be considered when applying the 40% investment limit provided under no.
3. a) sentence 4. The restrictions under no. 3 a) to c) do not apply on a
cumulative basis. Therefore, investments in securities or money-market
instruments of the same issuer or in deposits with this issuer or in derivatives of
the same may not exceed 35% of the subfund's net assets.
Companies that, with respect to the preparation of their consolidated financial
statements in accordance with Directive 83/349/EEC or according to accepted
international accounting standards, belong to the same group of companies, are
regarded as one issuer when calculating the investment limits listed under no. 3.
a) to d). A subfund may invest up to 20% of its net assets in securities and
money-market instruments of one group of companies.
e) Investments in derivatives are included in the limits of the numbers listed above.
NEUTROV - D05 pagina 20 di 65 stampata in data: 17/04/2008 **/**/****
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